RBL Bank to elevate Rs 1,680 crore from institutional investors

RBL Bank got consent from its board to raise Rs 1,680 crore as equity by issuing 32.6 million shares to institutional investors on a preferential basis. The key investors are ABG Capital, CDC Group, Group IVY Ventures, HDFC Standard Life Insurance Company, ICICI Lombard general insurance company and LTR Focus Fund.

The lender’s board has authorized the issuance of shares at a face value of Rs 10 at 515 each. In 2016, the bank had increased Rs 832 crore; in 2015 it was Rs 488 crore and in 2013, the raise was 376 crore. The lender witnessed a profit of Rs 446 crore in FY17 which is 55 percent raise from Rs 292 crore in FY16. Its present worth stands at Rs 4,336 crore.

At the end of March 2017, the net advances surged to Rs 29, 449 crore from 21,229 crore on March 31, 2016.